Bulletin: Budget Deficits And Higher Debt Do Not Threaten 'AAA' Rating On Australia May 09

  • ID: 2092363
  • May 2009
  • Region: Australia
  • Standard & Poors
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MELBOURNE (Standard & Poor's) May 12, 2009-- Standard & Poor's Ratings Services said that tonight's Commonwealth Budget is consistent with its 'AAA' long-term foreign and local currency sovereign credit ratings on Australia. The 'AAA' rating is the highest rating assigned by Standard & Poor's. The government is forecasting fiscal deficits on a cash basis of 2.7% of GDP in the fiscal year ending June 30, 2009, 4.9% in 2010 and 4.7% in 2011-due to a cyclical weakening in revenue and counter-cyclical stimulus measures. It also estimates the additional borrowings required to fund the deficits to be A$110.6 billion by 2011. "We believe the deficits and associated borrowings do not alter the sound profile of the country's public finances. This is...

Companies mentioned in this report are: Australia (Commonwealth of) (Unsolicited Ratings)
Action: Bulletin

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Research type: News
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Australia (Commonwealth of) (Unsolicited Ratings)

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